By Nana Karikari, Senior Global Affairs Correspondent
Motorists across Ghana are expected to pay more for fuel from Wednesday, September 16. Petrol prices are expected to rise to an average of GH¢16.26 per litre. Diesel is expected to sell at GH¢19.07 per litre. The Chamber of Petroleum Consumers (COPEC) released these figures ahead of the new pricing window. Petrol prices are projected to increase by 4.24% from its current average of GH¢15.60 per litre. Diesel prices are projected to increase by 10.23%, climbing from an average of GH¢17.30 to GH¢19.07 per litre. Liquefied Petroleum Gas is also projected to sell at GH¢15.32 per kilogramme.
Global Market Pressures
International petroleum markets drove the domestic price adjustments. The Chamber attributed the projected increase largely to a sharp rise in international crude oil and refined petroleum product prices. Global crude oil prices increased from $89.30 (approx. GH¢1,026.00) to $103.07 (approx. GH¢1,183.70) per barrel during the pricing window. International Free-On-Board prices for refined products surged significantly. The international Free-On-Board (FOB) price of petrol rose by 10.08%, from $1,136.50 (approx. GH¢13,047.00) to $1,251.07 (approx. GH¢14,362.40) per metric tonne. Diesel increased by 12.33%, from $1,250.50 (approx. GH¢14,355.80) to $1,404.73 (approx. GH¢16,126.00) per metric tonne. Liquefied Petroleum Gas followed this upward trend after a 16.45% increase in its international FOB price.
Currency Stability and Relief Appeals
A slight currency gain offered minimal relief against soaring global commodity costs. The cedi, however, recorded a marginal appreciation of 0.29% against the US dollar, moving from an average interbank rate of GH¢11.5166 to GH¢11.4830 per US dollar.. COPEC appealed to the government to extend its subsidy intervention, proposing a GH¢1 per litre in relief for petrol consumers while maintaining the GH¢2 per litre subsidy on diesel. Additionally, the Chamber urged Oil Marketing Companies (OMCs) to consider reducing their margins to cushion consumers against the expected increases.
Macroeconomic Implications for West African Energy Markets
Energy analysts note that persistent external shocks to refined petroleum products continue to test fiscal buffers across emerging West African economies, highlighting structural vulnerabilities in domestic fuel supply chains.
